Macy's announces restructuring plan to save $100 million annually

[February 26, 2019]   (Reuters) - Macy's Inc on Tuesday announced a restructuring plan that would cut the complexity of its top management structure to speed up decision-making and reduce costs.

People shop during a Black Friday sales event at Macy's department store in Manhasset, New York, U.S., November 23, 2018. REUTERS/Shannon Stapleton

The retailer said it expects the move to yield annual expense savings of $100 million, starting fiscal 2019.

Macy's also reported a smaller-than-expected rise in holiday quarter same-store sales on Tuesday.

Shares of the company rose as much as 2.6 percent to $25 in early trading.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)
 

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